Commodity inflation ate into profit growth for Louisville, Ky.-based Papa John’s International Inc. in the March 30-ended first quarter. Though the operator or franchisor of Papa John’s Pizza grew same-store sales 9.6 percent in North America and 6.4 percent in its international division, its $19.3 million net income was essentially unchanged from its profit in the first quarter of 2013. During the most recent period, the market price for cheese, the brand’s biggest commodity, averaged $2.21 per pound, compared with $1.66 per pound a year earlier.
1Q NET INCOME
—— Result: $19.3 million, or 45 cents per share% Increase: flat (from $19.3 million, or 42 cents per share)
1Q REVENUE
Result: $401.4 million% Increase: 12.9% (from $355.6 million)
1Q SAME-STORE SALES
% Increase at North American units: 9.6%
% Increase at international units: 6.4%
Source: Company report
RELATED:
• Papa John's 4Q profit rises 8.3%
• Papa John's 3Q profit rises 9.6%
• More restaurant commodities news
Contact Mark Brandau at [email protected].
Follow him on Twitter: @Mark_from_NRN
